Stagecoach Make Another Offer For National Express

National Express (NX) confirmed on Sunday evening that it has received another takeover approach from Stagecoach. It is understood that Stagecoach wrote to the NX board at the weekend and proposed that NX shareholders should hold up to 40% of a combined company. However insiders say that a 50/50 split would better reflect the earnings of the two groups and as such the the Stagecoach offer is likely to rebuffed, at least in its current form.

Speculation that FirstGroup had also made an approach was denied.